Pakistan’s rupee remained largely stable against the US dollar in the inter-bank market, and appreciated 0.02% in the opening hours of trading on Friday.
At around 10:20am, the rupee was being quoted at 221.91, an appreciation of Re0.04 against the greenback, during intra-day trading.
On Wednesday, the rupee had settled at 221.95 after a depreciation of Re0.52 or 0.23%.
In a key development, the State Bank of Pakistan (SBP) allowed Exchange Companies to sell 20% of their inward workers’ remittances to customers to meet their demand, while the remaining 80% inward remittances will be surrendered in the inter-bank market, shared Malik Bostan, Chairman, Exchange Companies Association of Pakistan (ECAP).
Bostan said customers are selling in the black market instead of exchange companies as the rate in black market is Rs 10 to Rs 15 higher.
Moreover, foreign exchange reserves held by the central bank rose by $1.5 billion due…
